Indonesia Stock Market Tipped To Open In The Green

(RTTNews) - The Indonesia stock market on Thursday snapped the two-day winning streak in which it had gathered more than 45 points or 0.7 percent. The Jakarta Composite Index now rests just above the 7,150-point plateau although it's likely to find renewed support on Friday.

The global forecast for the Asian markets is mixed, with bargain hunting likely to offset concerns over the outlook for interest rates. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.

The JCI finished modestly lower on Thursday following losses from the cement stocks and mixed performances from the financials and resource stocks.

For the day, the index dipped 25.49 points or 0.36 percent to finish at 7,153.10.

Among the actives, Bank CIMB Niaga dropped 0.88 percent, while Bank Central Asia shed 0.61 percent, Bank Mandiri advanced 0.85 percent, Bank Rakyat Indonesia collected 1.15 percent, Indosat Ooredoo Hutchison lost 0.70 percent, Indocement weakened 1.59 percent, Semen Indonesia tumbled 2.27 percent, Indofood Suskes gained 0.80 percent, United Tractors retreated 1.70 percent, Astra International sank 0.72 percent, Energi Mega Persada slumped 0.77 percent, Astra Agro Lestari declined 0.82 percent, Aneka Tambang tanked 2.76 percent, Vale Indonesia stumbled 2.05 percent, Timah dipped 0.33 percent, Bumi Resources added 0.60 percent and Bank Danamon Indonesia and Bank Negara Indonesia were unchanged.

The lead from Wall Street is mixed as the major averages opened lower on Thursday but a late-day rally pushed the Down and S&P 500 into the green at the close.

The Dow added 145.99 points or 0.46 percent to finish at 31,656.42, while the NASDAQ slipped 31.08 points or 0.26 percent to end at 11,785.13 and the S&P 500 rose 11.85 points or 0.30 percent to close at 3,966.85.

Bargain hunting contributed to the rebound on Wall Street, with traders picking up stocks at reduced levels after the major averages once again fell to their lowest levels in over a month.

The early selloff on Wall Street also came as the latest labor and manufacturing data was seen as confirming the Federal Reserve's stance that it can remain aggressive with the tightening of policy.

With the more closely watched monthly jobs report looming later today, the Labor Department this morning unexpectedly reported a modest decrease in first-time claims for U.S. unemployment benefits last week.

Oil futures ended sharply lower Thursday on rising concerns about the outlook for energy demand and worries that aggressive rate hikes by major central banks may lead to a global economic slowdown. West Texas Intermediate Crude oil futures for September ended lower by $2.94 or 3.3 percent at $86.61 a barrel.